This is the latest accord in a battle between financial technology firms and banks over who can access the sought-after information, according to Bloomberg.
The largest US bank and Plaid, which connects apps with bank accounts, updated a data-sharing agreement with a set pricing structure, according to people familiar with the matter, who asked not to be identified discussing nonpublic information.
Plaid and JPMorgan confirmed the fees but wouldn’t disclose the amount. In addition to a fee structure, the updated pact includes commitments from both firms to ensure that consumers can access the data.
Ron Shevlin comments: „This should come as no surprise. Chase isn’t charging for the data–it’s charging for access to the data. You might thing I’m mincing words–but that’s what lawyers do. This is a smart move by Plaid (and one that it probably had no other option to do). But it’s smart from a competitive perspective because Plaid has healthy profit and operating margins and other products to make up the margin hit. Paying Chase will probably force other aggregators–who may not have the breadth of products Plaid has–to pay for the access to the data.„
Banking 4.0 – „how was the experience for you”
„To be honest I think that Sinaia, your conference, is much better then Davos.”
Many more interesting quotes in the video below:
